Macy’s to shut down 150 stores, including iconic San Francisco location

Macy’s to shut down 150 stores, including iconic San Francisco location

Macy’s, the largest department store chain in the nation, announced on Tuesday that it will close about 150 of its “non-go-forward” stores in the next two years, as part of a major restructuring plan. The company said it will focus on improving the shopping experience, offering relevant assortments and compelling value at its remaining 350 stores, which include Bloomingdale’s and Bluemercury.

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One of the stores that will be closed is the flagship Macy’s store at Union Square in San Francisco, which has been a landmark in the city since 1947. The 700,000-square-foot store occupies an entire block and features a holiday tree, a skating rink and a Cheesecake Factory. Aaron Peskin, president of the San Francisco Board of Supervisors, said he was notified by phone that the store will be closed.

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Macy’s said the decision to close the stores was based on their profitability and performance. The company reported a fourth-quarter loss and a decline in sales compared to a year ago. Macy’s also faced pressure from investors who wanted to sell the company or its real estate assets.

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The company said it will invest in its luxury and beauty segments, which have been outperforming the rest of its portfolio. It plans to open 15 new Bloomingdale’s stores and 30 new Bluemercury stores, as well as remodel 30 existing Bluemercury stores, over the next three years.

Macy’s CEO Tony Spring said the company is making the necessary moves to reinvigorate relationships with its customers. “We are confident that our bold new chapter will position us for long-term growth and success,” he said.

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Source : FOX KTVU

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